FSA fines BlackRock £9.5m for client money breaches 11 Sep 2012 The Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) £9.5m for client money breaches. The enforcement action came after it failed to protect client money adequately by not putting trust letters in place for certain money market deposits. BlackRock also […]

HM Treasury and US Tax Authority release model agreement to implement FATCA in the UK and extend information sharing powers between the US and the UK 11 Sep 2012 HM Treasury (in conjunction with the governments of France, Germany, Italy and Spain – together the ‘FATCA Partners’) have published the terms of a model agreement […]

Insider dealers ordered to pay £1.5 million in confiscation 11 Sep 2012 The FSA has announced (http://www.fsa.gov.uk/library/communication/pr/2012/082.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) that it has been successful in obtaining Confiscation Orders against Christian and Angie Littlewood following their sentencing for insider dealing in 2010. Mr and Mrs Littlewood have each been ordered to pay £767,000 by way of confiscation and […]

Wheatley Review sets out UK’s response to LIBOR scandal 11 Sep 2012 Martin Wheatley, head of conduct regulation at the FSA, has given a speech (http://www.fsa.gov.uk/library/communication/speeches/2012/0810-mw.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) providing details on his review of the alleged manipulation of the London Interbank Offered Rate (LIBOR). Mr Wheatley has been asked by the Government to look at how the […]

US regulators summon seven banks in relation to LIBOR 11 Sep 2012 Regulators in New York and Connecticut have widened the scope of their respective investigations into the alleged manipulation of the London Interbank Offered Rate (LIBOR). The New York and Connecticut Attorney Generals have requested information from JP Morgan Chase, Barclays, Royal Bank of […]

FSA fines former insurance broker for misappropriating insurance premiums 11 Sep 2012 The FSA has published (http://www.fsa.gov.uk/library/communication/pr/2012/077.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) a Final Notice (http://www.fsa.gov.uk/static/pubs/final/stephen-goodwin.pdf) against Stephen Goodwin, former partner of Goodwin Best in Lancashire. The FSA fined Mr Goodwin £471,846 and banned him from working in regulated financial services after it found that he had used clients’ insurance […]

Six sentenced for insider dealing 11 Sep 2012 The FSA has announced (http://www.fsa.gov.uk/library/communication/pr/2012/080.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) that six men have been sentenced for insider dealing offences committed between 2006 and 2008. The defendants obtained confidential and price-sensitive information from investment banks concerning proposed or forthcoming takeover bids and then used a large number of accounts to place spread […]

Tracey McDermott appointment confirmed 11 Sep 2012 The FSA has published (http://uk.practicallaw.com/4-520-9040?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1 an internal email confirming that Tracey McDermott has been appointed Director of its Enforcement and Financial Crime Division (EFCD). Ms McDermott has been Acting Director of EFCD since April 2011.